The global plant-based dairy products market is on a rapid growth trajectory, projected toexpand from $20 billion in 2024 to $34 billion by 2030 at a 9 percent CAGR, fueled…

The global plant-based dairy products market is on a rapid growth trajectory, projected to
expand from $20 billion in 2024 to $34 billion by 2030 at a 9 percent CAGR, fueled by shifting
consumer behavior, health consciousness, and sustainability concerns, according to MarkNtel
Advisors.
Demand for lactose-free, vegan, and ethical dairy alternatives is rising, supported by
mainstream adoption in cafes, restaurants, and QSR chains such as Starbucks, Taco Bell, and
Baskin Robbins. Asia-Pacific leads growth with a 35 percent market share, while North America
and Europe remain hubs of innovation and premiumization.
Plant-based milk dominates the segment, accounting for nearly 50% market share, followed
by yogurt, cheese, and emerging alternatives. Oat milk is the fastest-growing category, prized
for its creamy texture and versatility in coffee beverages. Advanced AI-driven formulations
and precision fermentation are enabling brands like NotCo, Perfect Day, and Ripple Foods to
replicate dairy taste and nutrition while reducing environmental impact.
Policy support and sustainability initiatives—such as the European Green Deal, Canada’s
Food Guide, and California tax incentives—are creating a favorable environment for plant-
based adoption. However, higher costs, supply chain challenges, and nutritional skepticism
remain barriers in some markets.
“The next five years present immense opportunities in oat milk, AI-based formulations, and
emerging Asian markets,” notes MarkNtel Advisors. “Brands that align with consumer
health, sustainability, and taste expectations will define the future of the dairy aisle.”
Key global players include Danone, Nestlé, Arla Foods, Chobani, NotCo, and Ripple Foods,
driving product innovation and mainstream adoption.